2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 64,300 Accounts receivable, net 27,600 Inventory 57, 700 Prepaid expenses 3,600 Total current assets 153,200 Furniture 72,600 Accum. depreciation-Furniture (11,200) Total assets $ 214,600 Liabilities and Equity Accounts payable $ 10,100 Wages payable 6,000 Income taxes payable 1,000 Total current liabilities 17,100 Notes payable (long-term) 20,600 Total liabilities 37,700 Equity Common stock, $5 par value 154,700 Retained earnings 22,200 Total liabilities and equity $ 214,600 $ 16,100 34,100 64,000 2,900 117,100 82,200 (6,200) $ 193, 100 $ 14,200 3,300 1,800 19,300 47,700 67,000 123,700 2,400 $193, 100 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $330, 500 Cost of goods sold 212,700 Gross profit 117,800 Operating expenses Depreciation expense $25,400 Other expenses 60,300 85,700 Income before taxes 32, 100 Income taxes expense 11,700 Net income $ 20,400 Assume Accounts Receivable Beg. bal. Cash collections from customers Accounts recovered Sales on account End. bal. 0 Net increase in cash